EARNINGS WATCH- Ibnsina Pharma saw its net income rise more than 45% to EGP 56.3 mn in 2Q2021, compared to EGP 38.7 mn in the same period last year, according to the company’s earnings release (pdf). The bottom-line growth was fuelled by a 21% rise in revenues, which reached almost EGP 5.4 bn during the quarter from EGP 4.4 bn last year.

During the first six months of the year, Ibnsina saw a 20% y-o-y rise in net income to EGP 106.7 mn from EGP 89 mn a year earlier.

“Ibnsina Pharma is in clear sight of its strategic objectives for the year” thanks to the strength of Egypt’s pharma market, which is rebounding from the shock of the covid pandemic, said co-CEO Omar Abdel Gawad

Looking ahead: Growth during the first six months of the year has set the company on “a path to even stronger growth over the remainder of 2021,” Gawad said. “Heading into 2H2021, we anticipate an increase in Ibsnina’s top-line growth rate which will bring it into line with previous guidance, helped by the company’s ability to leverage economies of scale across its operations.”

Alexandria Medical Services saw its net income rise to EGP 15.4 mn in 2Q2021, from EGP 184.3k in losses in the same period last year, the company reported (pdf). The medical firm’s revenues rose 69% to EGP 67.8 mn in the April-June period, compared with EGP 40.1 mn last year.

Maridive Oil and Services narrowed its losses in the second quarter to USD 12.5 mn, from USD 20.3 mn in 2Q2020, according to the company’s financials (pdf). This came despite revenues falling by almost half to USD 29.5 mn, down from USD 57.6 mn last year.

Abu Dhabi Islamic Bank Egypt (ADIB) saw its bottomline rise to EGP 347.9 mn in 2Q2021, compared to EGP 300.2 mn during the same period last year, according to the company’s financial results (pdf). Net interest income also rose to EGP 842.7 mn in 2Q2021, compared to EGP 765.5 mn last year.

Export Development Bank of Egypt reported a rise in its bottomline to EGP 159.5 mn in 2Q2021, compared to EGP 125.2 mn in 2Q2020, according to the bank’s financial results (pdf). Net interest income increased to EGP 483.3 mn in 2Q2021, compared to EGP 395.5 mn in 2Q2020.

The EGX30 rose 1.3% at today’s close on turnover of EGP 1.55 bn (14.2% above the 90-day average). Local investors were net sellers. The index is up 1.7% YTD.

In the green: Speed Medical (+4.6%), Egypt Kuwait Holding (+4.4%), and CIB (+3.0%).

In the red: Raya Holding (-2.5%), TMG Holding (-2.4%), and Medinet Nasr Holding (-2.2%).